{"id":18640,"date":"2023-05-15T02:46:39","date_gmt":"2023-05-15T02:46:39","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/sec-revises-22m-punishment-against-lbry-seeks-111k-instead\/"},"modified":"2023-05-15T02:46:41","modified_gmt":"2023-05-15T02:46:41","slug":"sec-revises-22m-punishment-against-lbry-seeks-111k-instead","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/sec-revises-22m-punishment-against-lbry-seeks-111k-instead\/","title":{"rendered":"SEC revises $22M punishment against LBRY, seeks $111K instead"},"content":{"rendered":"
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The United States securities regulator is seeking to revise its $22 million punishment against decentralized content platform LBRY, acknowledging it is unlikely to be able to cough up the funds to be able to pay it.\u00a0<\/p>\n
In a May 12 filing in a New Hampshire District Court, the Securities and Exchange Commission (SEC) sought an amendment to its request for remedies in its successful case against LBRY.<\/p>\n
Instead of seeking the original $22 million \u2014 the amount it claims LBRY gained from the sale of its token LBRY Credits (LBC), the SEC has asked the court to impose a fine of $111,614, citing LBRY\u2019s \u201clack of funds and near-defunct status.\u201d<\/p>\n
The request also asks to stop LBRY from \u201cconducting future unregistered offerings of crypto asset securities.\u201d<\/p>\n
\u201cThe Commission acknowledges LBRY\u2019s representations that it is defunct, ceasing operations, and without the funds to pay a larger fine, and recognizes that a defendant\u2019s ability to pay is a factor when imposing a civil penalty,\u201d the SEC said in the filing.<\/p>\n
\nMillions of dollars spent for a fine of $111,614.00 and a company financially ruined. That helps the world. https:\/\/t.co\/GhvCS0Az7s<\/p>\n